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  • January 2022
  • Article

Replicating Private Equity with Value Investing, Homemade Leverage, and Hold-to-Maturity Accounting

By: Erik Stafford
The contributions of asset selection and incremental leverage to buyout investment performance are more important than typically assumed or estimated to be. Buyout funds select small firms with distinct value characteristics. Public equities with these characteristics... View Details
Keywords: Replicating Portfolio; Private Equity; Investment Portfolio
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  • May 2021
  • Article

Preparing for a Pandemic: Accelerating Vaccine Availability

By: Amrita Ahuja, Susan Athey, Arthur Baker, Eric Budish, Juan Camilo Castillo, Rachel Glennerster, Scott Duke Kominers, Michael Kremer, Jean Lee, Canice Prendergast, Christopher M. Snyder, Alex Tabarrok, Brandon Joel Tan and Witold Wiecek
Vaccinating the world’s population quickly in a pandemic has enormous health and economic benefits. We analyze the problem faced by governments in determining the scale and structure of procurement for vaccines. We analyze alternative approaches to procurement, arguing... View Details
Keywords: Vaccines; Procurement; Health Pandemics; Health Care and Treatment; Acquisition; Cooperation
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  • April 2012
  • Article

Share Issuance and Factor Timing

By: Robin Greenwood and Samuel G. Hanson
We show that characteristics of stock issuers can be used to forecast important common factors in stocks' returns such as those associated with book-to-market, size, and industry. Specifically, we use differences between the attributes of stock issuers and repurchasers... View Details
Keywords: Investment Portfolio; Stock Shares; Forecasting and Prediction; Investment Return; Policy; Profit
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  • September–October 2021
  • Article

Frontiers: Can an AI Algorithm Mitigate Racial Economic Inequality? An Analysis in the Context of Airbnb

By: Shunyuan Zhang, Nitin Mehta, Param Singh and Kannan Srinivasan
We study the effect of Airbnb’s smart-pricing algorithm on the racial disparity in the daily revenue earned by Airbnb hosts. Our empirical strategy exploits Airbnb’s introduction of the algorithm and its voluntary adoption by hosts as a quasi-natural experiment. Among... View Details
Keywords: Smart Pricing; Pricing Algorithm; Machine Bias; Discrimination; Racial Disparity; Social Inequality; Airbnb Revenue; Revenue; Race; Equality and Inequality; Prejudice and Bias; Price; Mathematical Methods; Accommodations Industry
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  • 08 May 2008
  • Working Paper Summaries

Organizational Design and Control across Multiple Markets: The Case of Franchising in the Convenience Store Industry

Keywords: by Dennis Campbell, Srikant M. Datar & Tatiana Sandino; Retail; Food & Beverage
  • 20 Mar 2017
  • Working Paper Summaries

Bubbles for Fama

Keywords: by Robin Greenwood, Andrei Shleifer, and Yang You
  • April 2012
  • Article

The Changing Ecology of Teams: New Directions for Teams Research

By: Ruth Wageman, Heidi K. Gardner and Mark Mortensen
The nature of collaboration has been changing at an accelerating pace, particularly in the last decade. Much of the published work in teams research, however, is still focused on the archetypal team that has well-defined membership, purposes, leadership, and standards... View Details
Keywords: Groups and Teams; Research; Change Management; Leadership; Standards; Performance Effectiveness; Theory; Civil Society or Community
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  • November 2009 (Revised September 2010)
  • Case

Personal Rapid Transport at Vectus, Ltd.

By: Benjamin Edelman
Personal Rapid Transport (PRT) vehicles—often called "driverless taxis"—sought to combine the best characteristics of cars, taxis, and trains, while adding features unavailable in any existing transportation system. Like cars and taxis, PRT vehicles carried small... View Details
Keywords: Entrepreneurship; Network Effects; Competitive Strategy; Corporate Strategy; Transportation Networks; Transportation Industry
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  • Article

Priced and Unpriced Online Markets

By: Benjamin Edelman
With forces both supporting and opposing zero prices, typical Internet-related activities—like surfing the web, web searches, and e-mail, along with behind-the-scenes practices like domain names and the allocation of IP (Internet Protocol) addresses—present a natural... View Details
Keywords: Cost vs Benefits; Price; Market Transactions; Service Operations; Internet
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  • Research Summary

Firm Performance, Senior Management, and Managerial Representation

While my work on strategic human capital studies how the characteristics of management shape performance, this work in effect focuses on the reverse: how performance shapes a key characteristic of the firm's management

Working with Professor David Thomas,... View Details

  • April 1991 (Revised December 1997)
  • Case

Southland Corp. (A)

By: Richard S. Ruback
Examines the Thompson's $4.9 billion leveraged buyout of the Southland Corp. in 1987. As the original founders of Southland, the Thompsons were concerned about losing control over the company upon learning of the Belzberg family's acquiring interest. The teaching... View Details
Keywords: Leveraged Buyouts; Governance Controls; Corporate Governance; Bids and Bidding; Valuation; Forecasting and Prediction; Management Analysis, Tools, and Techniques; Strategy; Cash Flow
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  • Book Review

Book Review of 'Organized Violence after Civil War: The Geography of Recruitment in Latin America' by Sarah Zukerman Daly

By: Natalia Garbiras-Díaz
Why do some non-state actors, under the same peace accord, go back to violence in the aftermath of the disarming and demobilization of their armies, while others remain demilitarized? In her book, Organized Violence after Civil War: The Geography of Recruitment in... View Details
Keywords: Civil War; Government; Government and Politics; Governance; National Security; Governance Compliance; Latin America
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  • 2014
  • Article

Executive Compensation and Human Capital Investments Through Industry Selection

By: Boris Groysberg and Eric Lin
We use proprietary data capturing compensation levels of executives placed by a global search firm to investigate how executives evaluate rewards and risks of human capital investment choices. Our findings suggest that more isolated industries with lower opportunity to... View Details
Keywords: Executive Compensation; Human Capital; Personal Development and Career
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  • 2011
  • Article

Strategic Change and the Jazz Mindset: Exploring Practices That Enhance Dynamic Capabilities for Organizational Improvisation

By: Ethan S. Bernstein and Frank J. Barrett
How can leaders adopt a mindset that maximizes learning, remains responsive to short-term emergent opportunities, and simultaneously strengthens longer-term dynamic capabilities of the organization? This chapter explores the organizational decisions and practices... View Details
Keywords: Dynamic Capabilities; Strategic Change; Jazz; Jazz Mindset; Improvisation; Innovation; Change Management; Collaborative Innovation and Invention; Innovation and Management; Innovation Leadership; Knowledge Use and Leverage; Leading Change; Leadership Style; Leadership; Management; Management Style; Organizational Change and Adaptation; Organizational Culture; Organizations; Creativity; Strategy; Auto Industry; Banking Industry; Bicycle Industry; Computer Industry; Consulting Industry; Consumer Products Industry; Education Industry; Electronics Industry; Entertainment and Recreation Industry; Financial Services Industry; Food and Beverage Industry; Health Industry; Information Technology Industry; Manufacturing Industry; Music Industry; Pharmaceutical Industry; Retail Industry; Semiconductor Industry; Service Industry; Technology Industry; United States; Japan; Taiwan; Europe; Asia
Related
  • 2009
  • Other Teaching and Training Material

Personal Rapid Transport at Vectus, Inc.

By: Benjamin Edelman
PRT vehicles—often called "driverless taxis"—sought to combine the best characteristics of cars, taxis, and trains, while adding features unavailable in any existing transportation system. Like cars and taxis, PRT vehicles carried small groups—often just a single... View Details
Keywords: Competitive Strategy; Corporate Strategy; Entrepreneurship; Network Effects; Transportation Networks; Transportation Industry
Related
  • 20 Mar 2022
  • News

Some Traits for Leadership That Could Equal More Success

    Eliminating unintended bias in personalized policies using Bias Eliminating Adapted Trees (BEAT) - PNAS

    An inherent risk of algorithmic personalization is disproportionate targeting of individuals from certain groups (or demographic characteristics such as gender or race), even when the decision maker does not intend to discriminate based on those... View Details

    • August 2020 (Revised September 2020)
    • Technical Note

    Assessing Prediction Accuracy of Machine Learning Models

    By: Michael W. Toffel, Natalie Epstein, Kris Ferreira and Yael Grushka-Cockayne
    The note introduces a variety of methods to assess the accuracy of machine learning prediction models. The note begins by briefly introducing machine learning, overfitting, training versus test datasets, and cross validation. The following accuracy metrics and tools... View Details
    Keywords: Machine Learning; Statistics; Econometric Analyses; Experimental Methods; Data Analysis; Data Analytics; Forecasting and Prediction; Analytics and Data Science; Analysis; Mathematical Methods
    Related
    • 2014
    • Working Paper

    The Cost of Friendship

    By: Paul A. Gompers, Vladimir Mukharlyamov and Yuhai Xuan
    We investigate how personal characteristics affect people's desire to collaborate and whether this attraction enhances or detracts from performance in venture capital. We find that venture capitalists who share the same ethnic, educational, or career background are... View Details
    Keywords: Venture Capital; Partners and Partnerships; Decision Making; Identity
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    • March 2013
    • Article

    Financial Development, Fixed Costs and International Trade

    Exporting firms face significant up-front costs in product design, marketing, and distribution, which likely would be difficult to finance externally. We argue that a developed financial system can facilitate exports, and we test three implications. First, a more... View Details
    Keywords: Trade; Finance
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